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RESOLUTION NO. 77-90 <br />WHEREAS, there exists in the Gifford Area deplorable <br />water and sewer conditions; and <br />WHEREAS, in the public interest all parties involved must <br />cooperate in order to solve the utility problem by providing <br />treated water and sewer services to the people of Gifford; and <br />WHEREAS, in the interest of meeting and serving the needs <br />of the residents in the Gifford Area, Indian River County extends <br />the following proposal to U.D.U. and Farmers Home Administration: <br />(1) Indian River County will purchase the existing water <br />and sewer facilities owned by U.D.U. (Urban Development <br />-Utilities, Inc.) for a purchase price of SEVENTY FIVE <br />THOUSAND ($75,000.00) DOLLARS (free and clear of all en- <br />cumbrances), with additional funding from.Indian River <br />County subsequent to .(a) Farmers Home Administration issuing <br />a grant to Indian River County for approxiately FOUR HUNDRED <br />TWENTY SEVEN THOUSAND FIVE HUNDRED ($427,500.00).DOLLARS; <br />(b) Farmers Home Administration loaning to Indian River County <br />both by guarantee of short-term or interim financing and a <br />subsequent bond issue of approximately FOUR HUNDRED TWO <br />THOUSAND FIVE HUNDRED ($402,500.00) DOLLARS: and (c) approval <br />by EDA of grant funds of approximately THREE HUNDRED SIXTY <br />FIVE THOUSAND ($365,000.00) DOLLARS. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COM- <br />MISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that upon approval of <br />grant funds from Farmers Home Administration in the amount of ap- <br />proximately FOUR HUNDRED'TWENTY SEVEN THOUSAND FIVE HUNDRED ($427,500.00) <br />DOLLARS and loan funds from Farmers Home Administration in the <br />approximate amount of FOUR HUNDRED TWO THOUSAND FIVE HUNDRED ` <br />($402,500.00) DOLLARS, Indian River County will purchase the U.D.U. <br />sewer and water assets, free and clear of all encumbrances and <br />thereafter upgrade and provide sewer and water facilities and service* <br />as they exist and as to be expanded to the residents in the Gifford <br />Area; and <br />J 492 <br />S E P 2 1977 <br />